Progressive is Bullish Telematics, But Should it be?
Progressive expects usage-based insurance to become the norm overtime. As it stands, Progressive has over 2 million policyholders that have used Snapshot (out of ~15m auto policies on its book). Also, more than a third of their new Direct customers sign up for Snapshot, and its Agency take rate has doubled in states where the participation discount is available. Keyword: discount.
And what it all boils down to.
This is Progressive.
And yes, they have to try harder.